http://www.affil.org/media2/announcements/announcements http://www.affil.org/media2/announcements/announcements/trap-is-sprung-in-the-buckeye-state-families-save-billions-as-ohio-joins-14-states-and-dc-in-rejecting-predatory-payday-lending http://www.affil.org/media2/announcements/announcements/trap-is-sprung-in-the-buckeye-state-families-save-billions-as-ohio-joins-14-states-and-dc-in-rejecting-predatory-payday-lending Sun, 08 Feb 2009 10:39:47 -0600 http://www.affil.org/media2/announcements/announcements/affil-partners-say-rules-take-positive-first-step-to-rein-in-unjust-interest-rate-hikes-and-billing-practices-call-on-congress-to-provide-additional-consumer-protections (May 2, 2008) Representatives http://www.affil.org/media2/announcements/announcements/affil-partners-say-rules-take-positive-first-step-to-rein-in-unjust-interest-rate-hikes-and-billing-practices-call-on-congress-to-provide-additional-consumer-protections Sun, 08 Feb 2009 10:39:47 -0600 http://www.affil.org/media2/announcements/announcements/affil-staff-join-caveat-emptor-blog-as-associate-editors Jim Campen and Sarah Byrnes have joined Caveat Emptor, http://www.affil.org/media2/announcements/announcements/affil-staff-join-caveat-emptor-blog-as-associate-editors Sun, 08 Feb 2009 10:39:46 -0600 http://www.affil.org/media2/announcements/announcements/ohio-treasurer-richard-cordray-endorses-the-affil-principles Treasurer Cordray's Statement of Endorsement (April 11,2008): As Ohio’s Treasurer I believe strongly that all Ohioans must http://www.affil.org/media2/announcements/announcements/ohio-treasurer-richard-cordray-endorses-the-affil-principles Sun, 08 Feb 2009 10:39:46 -0600 http://www.affil.org/media2/announcements/announcements/affil-partners-critical-of-the-department-of-the-treasurys-blueprint-for-a-modernized-financial-regulatory-structure Ed Mierzwinski from US PIRG comments, "Today's 212-page blueprint http://www.affil.org/media2/announcements/announcements/affil-partners-critical-of-the-department-of-the-treasurys-blueprint-for-a-modernized-financial-regulatory-structure Sun, 08 Feb 2009 10:39:46 -0600 http://www.affil.org/media2/announcements/announcements/survey-finds-that-students-support-fair-campus-credit-card-marketing-principles Students http://www.affil.org/media2/announcements/announcements/survey-finds-that-students-support-fair-campus-credit-card-marketing-principles Sun, 08 Feb 2009 10:39:46 -0600 http://www.affil.org/media2/announcements/announcements/free-maxed-out-screening-in-boston Wednesday, March 19, "Red carpet" event starting at 7 pm, 505 Commonwealth Avenue, Boston University If you're in Boston, check out a free screening of Maxed Out http://www.affil.org/media2/announcements/announcements/free-maxed-out-screening-in-boston Sun, 08 Feb 2009 10:39:45 -0600 http://www.affil.org/media2/announcements/announcements/study-finds-that-student-loans-made-outside-of-federal-programs-have-higher-prices-lack-borrower-protections (March http://www.affil.org/media2/announcements/announcements/study-finds-that-student-loans-made-outside-of-federal-programs-have-higher-prices-lack-borrower-protections Sun, 08 Feb 2009 10:39:45 -0600 http://www.affil.org/media2/announcements/announcements/study-finds-minorities-paid-more-for-loans-in-massachusetts http://www.affil.org/media2/announcements/announcements/study-finds-minorities-paid-more-for-loans-in-massachusetts Sun, 08 Feb 2009 10:39:45 -0600 http://www.affil.org/media2/announcements/announcements/affil-partners-support-senator-reids-foreclosure-prevention-act-of-2008 (February 27, 2008) The Senate will vote soon on S. 2636, a new bill that would prevent unnecessary http://www.affil.org/media2/announcements/announcements/affil-partners-support-senator-reids-foreclosure-prevention-act-of-2008 Sun, 08 Feb 2009 10:39:45 -0600 http://www.affil.org/media2/announcements/announcements/send-a-valentines-day-postcard-to-congress Kiss Credit Card Abuses Goodbye! http://www.affil.org/media2/announcements/announcements/send-a-valentines-day-postcard-to-congress Sun, 08 Feb 2009 10:39:45 -0600 http://www.affil.org/media2/announcements/announcements/affil-and-its-partners-warn-consumers-to-avoid-refund-anticipation-loans http://www.affil.org/media2/announcements/announcements/affil-and-its-partners-warn-consumers-to-avoid-refund-anticipation-loans Sun, 08 Feb 2009 10:39:45 -0600 http://www.affil.org/media2/announcements/announcements/united-for-a-fair-economy-reports-that-the-subprime-mortgage-crisis-is-causing-african-americans-to-experience-greatest-loss-of-wealth-in-modern-us-history AFFIL http://www.affil.org/media2/announcements/announcements/united-for-a-fair-economy-reports-that-the-subprime-mortgage-crisis-is-causing-african-americans-to-experience-greatest-loss-of-wealth-in-modern-us-history Sun, 08 Feb 2009 10:39:45 -0600 http://www.affil.org/media2/announcements/announcements/affil-board-member-kathleen-engel-appointed-to-federal-reserve-boards-consumer-advisory-council (January 11, 2008) AFFIL congratulates http://www.affil.org/media2/announcements/announcements/affil-board-member-kathleen-engel-appointed-to-federal-reserve-boards-consumer-advisory-council Sun, 08 Feb 2009 10:39:45 -0600 http://www.affil.org/media2/announcements/announcements/president-bush-signs-h_r_-3648-the-mortgage-forgiveness-debt-relief-act-of-2007 This Act will create a three-year window for http://www.affil.org/media2/announcements/announcements/president-bush-signs-h_r_-3648-the-mortgage-forgiveness-debt-relief-act-of-2007 Sun, 08 Feb 2009 10:39:45 -0600 http://www.affil.org/media2/announcements/announcements/affil-executive-director-jim-campen-responds-to-the-federal-reserves-proposed-rules-on-mortgage-lending-practices The first thing http://www.affil.org/media2/announcements/announcements/affil-executive-director-jim-campen-responds-to-the-federal-reserves-proposed-rules-on-mortgage-lending-practices Sun, 08 Feb 2009 10:39:45 -0600 http://www.affil.org/media2/announcements/announcements/center-for-responsible-lending-finds-that-36-cap-on-payday-loans-springs-the-trap Measures short of an interest rate cap fail to fix payday lending problem: The debt trap of payday lending persists even in states that have put restrictions on payday loans while exempting them from interest rate caps. In "Springing the Debt Trap," CRL finds that high numbers of borrowers are still caught in payday loans for long periods of time, even in states http://www.affil.org/media2/announcements/announcements/center-for-responsible-lending-finds-that-36-cap-on-payday-loans-springs-the-trap Sun, 08 Feb 2009 10:39:45 -0600 http://www.affil.org/media2/announcements/announcements/affil-executive-director-jim-campen-responds-to-president-bushs-plan-to-help-homeowners "We applaud any effort to help homeowners keep their homes; however, the President’s plan would only help a fairly small share of the borrowers who are in danger of losing their homes through foreclosure. None of the borrowers who have already fallen behind on their payments would be eligible for help under this plan. "President Bush’s plan consists of allowing borrowers who are now paying “starter rates” that average 8.5% to continue to pay these already high rates for five more years, rather than to face increases to 11.5% or more when their interest rates are scheduled to "reset." "The loans that the plan would affect are loans that never should have been allowed in the first place. The brokers who pushed these irresponsible loans on borrowers, the lenders who originated them, and the Wall Street firms that packaged them into investment securities all earned much higher fees from making these toxic loans than they would have earned by lending more responsibly. Congress and the Bush Administration bear responsibility for failing to enact appropriate legislation and demand effective regulatory oversight. AFFIL will continue to fight to regulate the industry to protect vulnerable homebuyers and homeowners from predatory mortgage lenders." http://www.affil.org/media2/announcements/announcements/affil-executive-director-jim-campen-responds-to-president-bushs-plan-to-help-homeowners Sun, 08 Feb 2009 10:39:44 -0600 http://www.affil.org/media2/announcements/announcements/new-web-site-offers-help-for-struggling-student-loan-borrowers Student Loan Borrower Assistance launches at http://www.studentloanborrowerassistance.org (November http://www.affil.org/media2/announcements/announcements/new-web-site-offers-help-for-struggling-student-loan-borrowers Sun, 08 Feb 2009 10:39:44 -0600 http://www.affil.org/media2/announcements/announcements/affil-executive-director-jim-campen-to-present-new-data-on-massachusetts-mortgages-to-u_s_-house-financial-services-committee Testimony to Highlight the Declining Role of Massachusetts http://www.affil.org/media2/announcements/announcements/affil-executive-director-jim-campen-to-present-new-data-on-massachusetts-mortgages-to-u_s_-house-financial-services-committee Sun, 08 Feb 2009 10:39:44 -0600 http://www.affil.org/media2/announcements/announcements/affil-partner-us-pirg-launches-feesa--free-gifts-now-huge-fees-later The project will educate students about credit card practices and will urge colleges to adopt principles for responsible credit card marketing. Credit card companies are targeting college students with enticing teaser offers for low-cost credit cards that turn into a credit card “trap” with high fees and penalty interest rates. Often, the card companies set up tables right on campus and hand out free gifts to applicants. The students, already facing high and increasing costs of education, may be misled into taking on high-cost credit card debt. For more information, visit http://www.truthaboutcredit.org. http://www.affil.org/media2/announcements/announcements/affil-partner-us-pirg-launches-feesa--free-gifts-now-huge-fees-later Sun, 08 Feb 2009 10:39:44 -0600 http://www.affil.org/media2/announcements/announcements/canadians-for-fairness-in-lending Predatory lending knows no borders. Our neighbor to the north has a candidate running for Parliament mandated by a petition of 1000 signatures to investigate predatory lending practices, improve consumer safeguards and establish Ontario’s own “Responsible Lending Act." Candidate Tony Crawford is the author of books and games that raise awareness of predatory lending issues. His advocacy campaign is aptly titled "Canadians for Fairness in Lending." Visit www.tonycrawford.com for more information. http://www.affil.org/media2/announcements/announcements/canadians-for-fairness-in-lending Sun, 08 Feb 2009 10:39:44 -0600 http://www.affil.org/media2/announcements/announcements/military-lending-act-to-take-effect-october-1 Federal law will protect troops and their families from some predatory loans: As U.S. soldiers face continuing demands in the call to protect their country, starting October 1 they gain an extra measure of protection from a lingering financial threat to their own families. The federal Military Lending Act will take effect Monday, and will bar predatory lenders from gouging military families with payday loans that trap borrowers in debt and typically carry 400 percent annual interest rates. http://www.affil.org/media2/announcements/announcements/military-lending-act-to-take-effect-october-1 Sun, 08 Feb 2009 10:39:44 -0600 http://www.affil.org/media2/announcements/announcements/mandatory-arbitration-stacks-deck-against-credit-cardholders-data-show Major Arbitration Firm in California Rules Against Consumers 95 Percent of the Time, Uses Arbitration as Debt Collection Mechanism, New Report Shows: Consumers who seek justice in disputes with their credit card companies shouldn’t expect to find it in binding mandatory arbitration (BMA); in cases decided in California by a major arbitration firm over a four-year period, consumers lost 95 percent of the time, a new Public Citizen report shows. The report, “The Arbitration Trap: How Credit Card Companies Ensnare Consumers,” was released at a press conference today with lawmakers who have introduced legislation to protect consumers from arbitration, and a victim of unfair arbitration proceedings. http://www.affil.org/media2/announcements/announcements/mandatory-arbitration-stacks-deck-against-credit-cardholders-data-show Sun, 08 Feb 2009 10:39:44 -0600 http://www.affil.org/media2/announcements/announcements/affil-partners-support-overdraft-lending-reform Act today to help end banks' abusive overdraft lending practices: Our nation's major financial institutions are making unsolicited, high-cost loans to their checking account holders when their account balance dips below zero, generating enormous fees for the banks and frequently driving their customers deeper into the negative. Consumers are now paying $17.5 billion per year in fees for these abusive overdraft loans. Visit the Center for Responsible Lending and take action. http://www.affil.org/media2/announcements/announcements/affil-partners-support-overdraft-lending-reform Sun, 08 Feb 2009 10:39:44 -0600 http://www.affil.org/media2/announcements/announcements/affil-partner-cfed-releases-state-by-state-report-on-predatory-lending-and-other-core-policies Predatory or abusive mortgage lending refers to a range of practices, including deception, fraud or manipulation, that a mortgage broker or lender may use to make a loan with terms that are disadvantageous to the borrower. Predatory lending occurs primarily in the subprime market (which makes higher-interest loans to consumers with poor credit histories). To curb these practices, states can restrict the terms or provisions of high-cost loans, strengthen regulation and licensing of mortgage lenders and brokers, and require lenders and brokers to ensure that the borrower is able to repay the loan before approving a borrower for credit. Click here for more. http://www.affil.org/media2/announcements/announcements/affil-partner-cfed-releases-state-by-state-report-on-predatory-lending-and-other-core-policies Sun, 08 Feb 2009 10:39:44 -0600 http://www.affil.org/media2/announcements/announcements/affil-signs-statement-of-concern-about-rising-atm-fees We are deeply concerned by Bank of America’s plan to raise fees for non-customers at many of its ATMs to $3 per transaction—the highest in the country. In its emerging role as the largest banking institution in the United States, Bank of America’s planned ATM fee hike from $2 to $3 has already been reported as an opportunity for other banks to drive their fees even higher (“Rising ATM fees on horizon,” Charlotte Observer, September 2, 2007; “Higher Bank of America Fees To Raise Rivals’ Costs,” American Banker, August 3, 2007) and we fear the ultimate consequence would be an unconscionable squeeze on low- and middle-income bank consumers. http://www.affil.org/media2/announcements/announcements/affil-signs-statement-of-concern-about-rising-atm-fees Sun, 08 Feb 2009 10:39:44 -0600 http://www.affil.org/media2/announcements/announcements/new-study-shows-bofa-purchase-of-lasalle-bank-likely-to-cost-more-than-10500-chicago-jobs $780 Million Expected to Vanish from Area Economy, Neighborhoods: CHICAGO – More than 10,500 Chicago jobs are expected to disappear in just two years if Bank of America follows through with promised cuts of 50% of LaSalle Bank’s costs, shows a new study released today conducted by Anderson Economic Group. The report, entitled “Economic and Fiscal Impact of LaSalle Bank Acquisition,” predicts job losses from an impending merger of locally-based LaSalle Bank with America’s largest bank would drain more than $780 million from Chicago’s economy during the same time period. More than 6,000 jobs alone will likely be lost from companies other than LaSalle due to a spillover effect to other area businesses resulting from the merger. http://www.affil.org/media2/announcements/announcements/new-study-shows-bofa-purchase-of-lasalle-bank-likely-to-cost-more-than-10500-chicago-jobs Sun, 08 Feb 2009 10:39:44 -0600 http://www.affil.org/media2/announcements/announcements/demos-report--who-pays-the-winners-and-losers-of-credit-card-deregulation This groundbreaking new report from Demos reveals how low-income families, African Americans, Latinos and single females bear a disproportionate amount of the cost to subsidize "competitive" credit card offers by paying excessive fees and high interest rates. http://www.affil.org/media2/announcements/announcements/demos-report--who-pays-the-winners-and-losers-of-credit-card-deregulation Sun, 08 Feb 2009 10:39:43 -0600 http://www.affil.org/media2/announcements/announcements/bush-threatens-to-veto-senate-student-loan-bill (Congress Daily 7/20 am) The White House is threatening to veto the student loan bill currently on the Senate floor, but says it is willing to work with Congress on objectionable provisions. The Senate bill would cut subsidies to lenders by $18 billion and increase grants to students. A similar bill that passed the House last week also drew a veto threat. "The administration supports reducing excess subsidies in the student loan programs and increasing aid to the neediest students," said a Statement of Administration Policy issued Wednesday. http://www.affil.org/media2/announcements/announcements/bush-threatens-to-veto-senate-student-loan-bill Sun, 08 Feb 2009 10:39:43 -0600 http://www.affil.org/media2/announcements/announcements/national-association-of-consumer-advocates-launch-anti-arbitration-campaign The Arbitration Fairness Act of 2007, introduced in the Senate by Sen. Russ Feingold (D-WI) and in the House by Rep. Hank Johnson (D-GA), reflects the FAA's original intent by requiring that agreements to arbitrate employment, consumer, franchise, or civil rights disputes be made after the dispute has arisen. The Act does not prohibit arbitration, but it will prevent a party with greater bargaining power from forcing individuals into arbitration through a contractual provision. It will ensure that citizens have a true choice between arbitration and the traditional civil court system. Send a letter to your representatives through NACA! http://www.affil.org/media2/announcements/announcements/national-association-of-consumer-advocates-launch-anti-arbitration-campaign Sun, 08 Feb 2009 10:39:43 -0600 http://www.affil.org/media2/announcements/announcements/public-citizen-urges-support-for-the-arbitration-fairness-act-of-2008 Statement of Joan Claybrook, President, Public Citizen: Let me be blunt. Privatizing justice benefits big corporate interests like national banks and insurance companies but does not help ordinary people. Corporations have figured out that simply by inserting an arbitration clause in contracts for everyday consumer goods and services or employment, they can usually evade accountability for any harm they cause or laws they break – laws meant to protect consumers and employees from the misuse and abuse of corporate power in the marketplace. http://www.affil.org/media2/announcements/announcements/public-citizen-urges-support-for-the-arbitration-fairness-act-of-2008 Sun, 08 Feb 2009 10:39:43 -0600 http://www.affil.org/media2/announcements/announcements/affil-partners-support-senate-hope-act We, the undersigned organizations, write to express our strong support for S. 1386, the Homeownership Protection and Enhancement Act (“HOPE Act”) of 2007. Today, as the foreclosure crisis in our country is exploding, it is clear that Congress must act to assist borrowers facing the prospect of losing their homes. We truly appreciate your leadership on this important issue. http://www.affil.org/media2/announcements/announcements/affil-partners-support-senate-hope-act Sun, 08 Feb 2009 10:39:43 -0600 http://www.affil.org/media2/announcements/announcements/center-for-responsible-lending-reports-on-the-30-donut Big banks hide behind a smokescreen, take consumers for $17.5 billion per year in abusive overdraft loan fees: CRL released a report this morning finding that consumers are now paying $17.5 billion per year in high-cost, unsolicited loans to cover overdrafts that banks and credit unions promote. In a system enormously out of balance, these fees amount to more than the loans themselves, which have reached $15.8 billion per year. Read more. http://www.affil.org/media2/announcements/announcements/center-for-responsible-lending-reports-on-the-30-donut Sun, 08 Feb 2009 10:39:43 -0600 http://www.affil.org/media2/announcements/announcements/higher-education-bill-passes-house After defeating a Republican attempt to restructure priorities in new higher education legislation, House Democrats today passed their bill on a 273-149 vote. The measure would eliminate nearly $19 billion in lender subsidies and use the money to increase the maximum Pell Grant amount by $500 over five years and to finance a series of measures to make college loans more affordable. Education and Labor ranking member Howard (Buck) McKeon, R-Calif., offered the amendment to divert the bill's increases in what Republicans called "autopilot entitlement spending" to bigger increases in Pell grants. McKeon's amendment was defeated 231-189. http://www.affil.org/media2/announcements/announcements/higher-education-bill-passes-house Sun, 08 Feb 2009 10:39:43 -0600 http://www.affil.org/media2/announcements/announcements/study-by-national-community-reinvestment-coalition-reveals-race-disparities-in-lending High Cost Lending Targeted at Minorities Leave Communities Vulnerable to Foreclosure: (Washington, DC) -- A looming "perfect storm" of foreclosures confronts Americans as up to 2 million adjustable rate mortgages with low "teaser" rates will adjust upward to much higher interest rates over the next 18 months. http://www.affil.org/media2/announcements/announcements/study-by-national-community-reinvestment-coalition-reveals-race-disparities-in-lending Sun, 08 Feb 2009 10:39:43 -0600 http://www.affil.org/media2/announcements/announcements/affil-partners-support-borrowers-protection-act-of-2007 Today, as our nation experiences the worst rate of home losses since http://www.affil.org/media2/announcements/announcements/affil-partners-support-borrowers-protection-act-of-2007 Sun, 08 Feb 2009 10:39:42 -0600 http://www.affil.org/media2/announcements/announcements/john-edwards-unveils-his-position-on-americas-debt-burden As part of his speech in New York City on June 21, Senator Edwards http://www.affil.org/media2/announcements/announcements/john-edwards-unveils-his-position-on-americas-debt-burden Sun, 08 Feb 2009 10:39:43 -0600 http://www.affil.org/media2/announcements/announcements/affil-partners-agree--after-years-of-inaction-fed-could-clean-up-the-subprime-market This morning the Federal Reserve Board will hold a hearing on http://www.affil.org/media2/announcements/announcements/affil-partners-agree--after-years-of-inaction-fed-could-clean-up-the-subprime-market Sun, 08 Feb 2009 10:39:43 -0600 http://www.affil.org/media2/announcements/announcements/affil-partners-agree-on-new-military-protection-rules New military lending rules need sharper teeth to stop loan sharks http://www.affil.org/media2/announcements/announcements/affil-partners-agree-on-new-military-protection-rules Sun, 08 Feb 2009 10:39:43 -0600 http://www.affil.org/media2/announcements/announcements/were-going-to-take-your-mommy-away-forever Consumer Groups Decry Debt Collection Horror Stories Lawyers at two consumer groups -- the National Consumer Law Center and the National Association of Consumer Advocates -- lambasted the debt collection industry for ngaging in abusive tactics and for pursuing consumers even when shown that they have the wrong person or the debt has been paid, in Comments and Recommendations filed esterday with the Federal Trade Commission. http://www.affil.org/media2/announcements/announcements/were-going-to-take-your-mommy-away-forever Sun, 08 Feb 2009 10:39:43 -0600